What To Do If You Can’t Afford To Pay Your Taxes...
Thursday, March 27, 2014
It’s that wonderful time of year again – tax time. So what should you do if you can’t afford to pay your taxes?
Okay, in reality this is only the favorite time of the year for tax preparers and those receiving huge tax refunds. For many others it brings a lot of stress, worry, hassle with paperwork and outright fear.
So is it better not to file income taxes at all? Is it more important to pay your Long Island property taxes than worry about the IRS? And how can Property Tax Adjusters, Ltd. help those being overcharged for property taxes in Suffolk and Nassau County?
For those flush with extra cash after loaning it to the tax man all year it’s smart to set some of that ‘bonus’ aside to help cover rising property taxes especially for those in New York and on Long Island.
Of course many will find their late nights and many hours of digging out receipts and fussing with frustrating tax forms just means ending up with yet another huge bill that they can’t afford to pay.
Some can’t even afford to pay a tax preparer for help. Of course just burying your head in the sand is rarely a game plan that works very well in the long run. In fact, it can not only lead to big fines and interest penalties but some extremely long prison sentences too.
It’s far better to be proactive. For those that are, there is actually a lot that can be done very easily to reduce the pain. Filing an extension with the IRS is easy. It’s smart to get some input from a professional first as it may not be the best solution for everyone all the time, but it may be all you need.
Others will find going ahead and filing, and requesting a payment plan very easy when it comes to federal taxes. In fact, simply requesting an installment plan may help many Long Islanders get some extra time and avoid the worst consequences such as wage garnishment and bank accounts being frozen by the IRS.
This could be even more important this year with the IRS bitter after investigations, hungrier than ever for revenues and on the war path. Don’t be the one that is made an example of.
On Long Island property taxes can be an even more pressing issue. It might take quite a while for the IRS to track people down and lien their property, but failing to pay property taxes can lead to forced foreclosure faster than many realize.
Despite the fanfare in the media Gov. Cuomo now appears to be facing major opposition to his plan to offer some tax relief.
On the bright side, there are local property tax adjusters available to help Long Islanders fight back and appeal unfair property tax bills, get them lowered and find real relief. Don’t pay more than you ought to, when you don’t have to.